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Tag: income tax
Income Taxes: Farmer Filing Deadline Is March 2 Feb 12, 2020
Agricultural producers have until March 2, to file their 2019 income tax returns without penalty if they have not made estimates. “Producers have until April 15 to file without penalty […]
Income Taxes – Year-End Planning Checklist for Ag Producers Dec 13, 2019
Agricultural producers should do tax planning before the end of the year. “With the difficult and late harvest, producers haven’t had much time to think about year-end tax planning, but […]
Lower Farm Income: 6 Ways To Cope – DTN Jul 9, 2019
Now that tax season is over, I’m visiting my clients and reviewing their year-to-date financial statements. One discussion point is basic blocking and tackling. I recently read that farm income […]
Year End Tax Planning – 13 Points for Ag Producers to Consider Dec 11, 2018
Agricultural producers should do tax planning before the end of the year. “In tax planning, it is best to start with year-to-date income and expenses, and estimate them for the […]
Ag Tax: Proposed “Grain Glitch” Section Gives Landlords Pause To Think – DTN Sep 7, 2018
Recently, the new tax law threw a curve ball at the farming community by way of the “grain glitch,” also known at Section 199A. Section 199A provides up to a […]
New Tax Act: Not as Simple as it Looks – Section 199a – 20% Pass-Through Aug 27, 2018
This article addresses Section 199a of the Tax Cuts and Jobs Act (TCJA) which was passed in December 2017. For more information about other changes in the tax law please […]
Illinois: Why Should Farmers Know About the Illinois Schedule SA Income Allocations? Feb 19, 2018
On July 6, 2017, Illinois Public Act 100-0022 became law. One item in this Act was an Illinois income tax rate increase effective July 1, 2017. The Illinois income tax […]
Farm Business: Base Your End of Year Tax Planning on Current Law Dec 12, 2017
Agricultural producers should do tax planning before the end of the year based on the information known at this time. Traditionally, producers try to do tax planning to limit their […]
Tax Filing: A Little Prep Goes a Long Way Feb 15, 2017
Love it or hate it, the 2017 tax season is upon us. Whether anticipating a sizable return or dreading how much you might pay (or hoping to just break even), […]
Farm Income Taxes: 13 Tips for 2016 Filing Feb 6, 2017
Agricultural producers have until March 1, 2017, to file their 2016 income tax returns without penalty if they have not made estimates. “Producers have until April 18 to file without […]
